Citi has been awarded a mandate to provide fund administration services for Phoenix Pension & Provident Funds, Limited (Phoenix), to support their new personal provident fund offering, a form of retirement savings through defined contribution schemes.
Phoenix is one of the leaders in the industry of personal provident funds in Israel.
Motti Dahan, CEO, Phoenix, says: "We selected Citi to provide administration services because of its robust operational platform, its global network and ability to leverage the best practices of its fund services business in support of our new funds. Citi’s profile matches the needs of our clients and the high standard of service we provide. Phoenix is leading the industry of personal provident funds and I am convinced that the cooperation with Citi will bring great benefits to our clients and maintain the leading edge position of our company."
Citi launched fund administration services in Israel in March 2012 and this mandate represents Citi’s first fund administration agreement with a local institutional asset manager. With a local presence since 2000, Citi currently has over 150 employees in Israel.
"One of Citi’s strengths is our ability to offer a wide range of products and services to support the needs of our clients and provide them with tailored solutions," says Ralph Shaaya, CEO, Citi Israel. "We are pleased to announce this first mandate for fund administration services and look forward to continuing to grow our business."
Sanjiv Sawhney (pictured), Global Head of Fund Services, Citi Transaction Services, says: "This deal illustrates Citi’s ability to combine global resources and practices with local expertise to offer our clients best-of-breed solutions. I am confident that this will prove to be a valuable fund administration model for our clients in Israel."